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2026 Business Results: PVD estimates Q1 2026 revenue will exceed VND 3,500 billion (+133% yoy), and pre-tax profit will exceed VND 400 billion (+104% yoy). For 2026, shareholders approved the 2026 business plan with a target of consolidated revenue of VND 11,185 billion (+2.7% yoy) and after-tax profit of VND 800 billion (-24% yoy). 2026 business plan is based on the assumption that drilling rigs will maintain continuous operation with an average day-rate of USD 90,000 for jack up rigs.
New drilling rig investment: PVD plans to purchase one new drilling rig in 2026 – PVD X – which will become operational in 2027. Prior to this, the company spent over $88 million to acquire the PVD IX jack up rig, expected to be operational from Q2 2026. Total investment in 2026 is projected to exceed VND 4,200 billion, focusing on adding drilling rigs, investing in technical equipment, and upgrading infrastructure.
2026 Forecast: We maintain our 2026 revenue forecast at VND 11,954 billion (+10% yoy) and net profit at VND 1,115 billion (+6% yoy). The target price by the end of 2026 is VND 37,900/share. We upgrade our recommendation from Outperform to Buy due to a 4.8% drop in share price since the report dated February 6, 2026.
